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SPY Trading Near All Time Highs

Written By: ChartChamp

September 12, 2024

Yesterday the stock market experienced a strong rebound, and SPY still has some room to trend up here. The price is trading near all time highs with resistance around $564.96. I think the stock market could rally into the Sept. 18 fed pivot date before some potential downside. In the two previous FOMC meetings SPY pumped in June and sold off in July. I think the safe approach is to assume there will be some downside for stocks after the Fed pivot, which has historically been the trend. I am waiting for a trade setup to short the market by purchasing SQQQ. I’ll post an announcement for that whenever I do short the market.

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